Over the past few years, cryptocurrencies have taken root in many business areas. Gambling platforms were among the first to use crypto for deposits and withdrawals of winnings. The popularity of crypto platforms in New Zealand and other countries worldwide in terms of business, trading, gambling etc is constantly increasing.
Therefore, using cryptocurrencies and crypto wallets in online gambling was only a matter of time. Read the information below about the advantages and disadvantages of crypto wallets.
Let’s start from the standard with positive aspects since this is often the main reason for using crypto wallets for online gambling. As the trend of cryptocurrency gambling is increasing, online casinos in NZ enable players to use digital currencies for both depositing and withdrawing their winnings.
The list could be much longer, but of all the features, we chose three main ones.
Cryptocurrency and blockchain technology are always focused on speed. The faster the money is credited to the account, the more active and faster you can start the game. Sometimes using standard payment methods in online casinos or betting sites, money can be credited within 1-2 minutes. At such moments, users doubt that their money will reach their account.
You can forget about transaction delays using a crypto wallet since it happens in less than a second. It was not in vain that we mentioned what this technology had done primarily to increase the speed of the flow of money in the world. And as a result, it even affected online gambling.
Another advantage is that each cryptocurrency is independent and unrelated to standard financial systems. All you need is a crypto wallet. Due to this, commissions and charges for online gambling are minimal.
This is also the merit of the gambling platform, which connects various cryptocurrencies and optimizes interactions with crypto users. Using a crypto wallet, you can reduce charges, saving real money for high rollers.
In addition to speed, crypto technology actively promotes the protection of personal data and reduces attempts to steal it. Even if the attackers could hack the login and password from the exchange, they would never be able and would not have time to find this code to enter the wallet.
Thus, users of crypto wallets are already safe at the initial stage. One of the most popular of these applications is two-factor authentication from Google.
Despite the rather weighty arguments in favour of wallets and crypto in general, there are several pitfalls that gamblers may encounter.
You all know different stories when a cryptocurrency gains many investors in one day, and it is predicted to grow a lot. But as a result, everything drops to zero in a few days, and exchanges stop accepting such a cryptocurrency.
Gambling platforms actively monitor all relevant and available currencies; therefore, they always update their status on their website. Thus, in an unstable state of affairs, the company can restrict access to the crypt and limit it as a payment method.
Therefore, in addition to gambling, you need to carefully monitor the crypto market so that you don’t end up with 0 on the deposit.
As we mentioned earlier, speed is one of the main features of cryptocurrencies. But this is also a big disadvantage. In less than a second, one coin (token) can go to 10 different wallets or exchanges, which makes it difficult to track the currency in case of a mistake or theft.
Thefts from small crypto wallets are rare, but they do happen. Therefore, even an ordinary gambler sometimes has to use external security tools. Because in case of loss of tokens, it will be almost impossible to trace them.
You should always pay attention to its reputation to choose the right and reliable crypto wallet. All wallets are protected in their way and have a basic security system. In rare cases, it differs; therefore, this factor is not necessarily considered.
But reputation is the main criterion for the final decision. Therefore, check out various crypto forums and information about crypto wallet protection and crypto-friendly gambling platforms. Some online casinos and bookmakers often share personal research and can help you decide on a crypto wallet.
The use of cryptocurrencies in online gambling is already a standard process. Most platforms are already actively encouraging players to switch to crypto because it speeds up deposits and withdrawals. Although this has its drawbacks, the advantages completely cover them, so choosing the right wallet for yourself is essential. Crypto is the future, and everyone has been told that.